Mid-Afternoon Market Update: Dean Foods Gains On Upbeat Earnings; Kandi Technologies Shares Dip
Toward the end of trading Monday, the Dow traded down 1.18 percent to 17,698.28 while the NASDAQ declined 1.30 percent to 5,080.07. The S&P also fell, dropping 1.20 percent to 2,074.08.
Leading and Lagging Sectors
In trading on Monday, utilities shares slipped by just 0.3 percent. Top gainers in the sector included Chesapeake Utilities Corporation (NYSE: CPK), up 7 percent, and TransAlta Corporation (USA) (NYSE: TAC), up 3 percent.
Cyclical consumer goods & services shares declined around 1.62 percent in Monday's trading. Meanwhile, top losers in the sector included Kandi Technologies Group Inc (NASDAQ: KNDI), down 15 percent, and Titan International Inc (NYSE: TWI), off 13 percent.
Priceline Group Inc (NASDAQ: PCLN) reported better-than-expected earnings for the third quarter, but the company issued a weak earnings forecast for the current quarter.
The Norwalk, Connecticut-based company reported quarterly net income of $1.2 billion, or $23.41 per share, compared to $1.06 billion, or $20.03 per share, in the year-ago quarter. Excluding items, the company's adjusted earnings surged to $25.35 per share from $22.16 per share.
Its revenue increased 9.4 percent to $3.10 billion. However, analysts were projecting earnings of $24.23 per share on revenue of $3.05 billion.
Priceline expects Q4 adjusted earnings of $11.10 to $11.90 per share, versus analysts' estimates of $12.42 per share. The company also projects gross travel bookings to increase 1 percent to 8 percent.
Equities Trading UP
Shares of Apache Corporation (NYSE: APA) got a boost, shooting up 12 percent to $53.42. Apache rejected a takeover bid from unidentified buyer, according to Bloomberg.
Dean Foods Co (NYSE: DF) shares were also up, gaining 6 percent to $18.94 after the company reported better-than-expected earnings for the third quarter and issued a strong forecast.
Equities Trading DOWN
Kandi Technologies Group Inc (NASDAQ: KNDI) shares tumbled 15 percent to $9.15. Kandi Technologies reported Q3 earnings of $0.13 per share on revenue of $50.5 million.
Shares of Kronos Worldwide, Inc. (NYSE: KRO) were down 13 percent to $7.08. Kronos Worldwide reported a Q3 adjusted loss of $0.03 per share on revenue of $336.5 million.
Priceline Group Inc (NASDAQ: PCLN) was down, falling 10 percent to $1,311.90. Priceline reported better-than-expected earnings for the third quarter, but the company issued a weak earnings forecast for the current quarter.
In commodity news, oil traded down 0.93 percent to $43.88, while gold traded up 0.18 percent to $1,089.70.
Silver traded down 1.57 percent Monday to $14.46, while copper fell 0.62 percent to $2.23.
European shares closed lower today. The eurozone's STOXX 600 slipped 1.07 percent, the Spanish Ibex Index declined 1.22 percent, while Italy's FTSE MIB Index dipped 1.88 percent. Meanwhile, the German DAX declined 1.57 percent, and the French CAC 40 slipped 1.46 percent, while U.K. shares fell 0.92 percent.
On the economics calendar Monday, there is no important data due out.
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